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Access bank consolidates operations in cote d'ivoire

Jul 9, 2009, 6:20 AM

Access Bank Plc, one of Africa's pre - eminent financial services Groups, has further consolidated its operations on the continent with the opening of a full - fledged banking subsidiary in Cote d' Ivoire following its acquisition of 88% interest in Omnifinance, Cote d' Ivoire through a combination of purchase of existing shares and injection of fresh capital. This development demonstrates the commitment of the management of the Bank to the socio - economic development of the continent through intelligent expansion across the regions. 

The formal opening of the Bank which was performed by the President of the Republic of Cote d' Ivoire, His Excellency, Mr. Laurent Koudou Gbagbo, through his representative Mr. Albert Brou, SA on Economic Matters, had in attendance Madam Ama Tehua, Honorable Minister for Industry, Small and Medium Enterprises, Nigerian Ambassador to Cote d' Ivoire and Chief Executives of Financial Institutions and the Ivorian business community.

Speaking through his representative, Mr. Alber Brou, ( SA to the President on Economic Matters), Mr. Laurent Koudou Gbagbo, President, Republic of Cote d' Ivoire expressed satisfaction at the coming of the Bank into Cote d' Ivoire and its intention to partner with the government and people in the realisation of the developmental objectives of the country. He added that the socio - economic climate in Cote d' Ivoire is conducive for business and assured the Bank that the government will continue to make the country attractive to investors through implementation of economic friendly policies and people - oriented programmes.

In his speech, the Chairman of Access Bank ( Cote d' Ivoire) Ltd, Mr. Jacob  Omataekpo, assured Ivorian of the immense benefits the entry of the Bank will bring to them and other economies in the ECOWAS region, and enjoined Ivorians to patronise the Bank. "With the entry of Access Bank into Cote d' Ivoire, pace of economic development will become accelerated because this is a Bank with high entrepreneurial spirit and commitment to economic development".

Earlier, Mr. Aigboje Aig - Imoukuede, the Group Managing Director, Access Bank, in his address, expressed appreciation for the confidence reposed in the Board and Management of the Bank by the government and people of Cote d' Ivoire by granting it an operational license and assured them of a partnership that will participate in the development of the country, its economy and citizens. He added that Access Bank is firmly positioned as Africa's Bank of Best practice, and through this consciousness the Bank will enhance the ethical standards in the  Cote d' Ivoire financial service industry.

He added that Access Bank will constitute the anchor for the trade that exists between ECOWAS and other regions on the African continent, particularly because of its entrepreneurial spirit as a company committed not only to large corporates but also small scale businesses and individuals. He said further that a Board of credible individuals has been assembled to oversee the affairs of Access Bank (Cote d' Ivoire) Ltd and that the Bank will essentially be run by Ivorians and leverage on the international network, product base and credit lines of Access Bank Plc and world-class I.T capabilities to develop a world class institution in Cote d' Ivoire.

Access Bank's expansion into the UEMOA region is consistent with its growth strategy of becoming a major catalyst for growth across the entire African continent by leveraging its partnership and collaboration with multilateral finance agencies and international development finance institutions. By this entry, the Bank will provide a strong base for cross border- trade among countries and facilitate overall economic development and growth of  the region.